Infographic: How Bitcoin is Changing the Face of Nonprofits
Chances are, much of what you know about the digital currency Bitcoin comes from a pair of recent news stories: the 2013 federal takedown of Silk Road, an online black market that used Bitcoin as its primary currency, and the 2014 media frenzy when Newsweek revealed the identity of Bitcoin’s mysterious founder, who went on to vehemently deny the report. Beyond that, Bitcoin has been viewed as an oddity, known and admired in tech circles but mostly inaccessible to the general public—a buzzword that appears in Google News headlines.
If you find yourself nodding in agreement, it might be time to up your Bitcoin knowledge. According to “How Bitcoin is Changing the Face of Nonprofits,” an infographic from NeoMam Studios and WhoIsHostingThis, Bitcoin could have—and is already having—a major impact on nonprofits. Among the findings:
- United Way Worldwide, the largest privately funded nonprofit organization, began accepting Bitcoin donations in 2014
- Coinbase, a Bitcoin wallet and exchange service, has one million users and 36,000 merchants onboard
- Bitcoin is a decentralized currency and thus can be donated from around the world
- The currency can easily be donated anonymously
The infographic offers a measured overview of Bitcoin—the cons segment lists issues like contentious regulations in some countries and Bitcoin’s aforementioned association with online black markets. But that hasn’t entirely deterred nonprofits, such as Pathways to Education, As We Grow, Freedom of the Press Foundation and The Water Project, from accepting donations in the currency.
And then there’s this, from Peter Chasse, founder and president of The Water Project: “It is really a no-brainer to accept it. I think how it plays out in the nonprofit sector—and whether the nonprofit sector once again comes up 10 years behind everyone else or leads—is the open question at this point.”
Where does your nonprofit fall?
Download the full infographic here for a more detailed look.